https://www.taxtmi.com/caselaws?id=102166 The Supreme Court clarified that a company becomes liable to repay excess application money under section 73(2A) of the Companies Act after ten weeks from closing subscription lists, with interest accruing after eight days. The term "forthwith" was interpreted to mean immediate action. Interest under section 73(2A) was deemed compensatory, not penal. The court rejected using administrative inconvenience to avoid statutory liability. The appeal was allowed in part, altering the High Court's judgment, with no costs ordered. en-us Tue, 04 Feb 1992 00:00:00 +0530 Tue, 21 Feb 2017 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102166 The Supreme Court clarified that a company becomes liable to repay excess application money under section 73(2A) of the Companies Act after ten weeks from closing subscription lists, with interest accruing after eight days. The term "forthwith" was interpreted to mean immediate action. Interest under section 73(2A) was deemed compensatory, not penal. The court rejected using administrative inconvenience to avoid statutory liability. The appeal was allowed in part, altering the High Court's judgment, with no costs ordered. Case-Laws Companies Law Tue, 04 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102166